Bullish Crypto Platform Exceeds Q2 Earnings Expectations, Projects Strong Q3 Growth

Bullish (BLSH), the parent company of CoinDesk, reported second-quarter earnings that surpassed Wall Street estimates, with earnings per share (EPS) of $0.93 against an expected $0.03. Adjusted revenue for the quarter came in at $57 million, slightly below the $60.7 million forecast. CEO Tom Farley highlighted "exciting liquidity services growth" and a successful Consensus conference as key drivers.

Trading volume surged to $179.6 billion, up from $133.0 billion year-over-year, with Q3 projections set between $133.0 billion and $142.0 billion. Adjusted EBITDA is anticipated to rise sharply to $25-$28 million in Q3, compared to $8.1 million in Q2.

The report marks Bullish's debut quarterly release since its NYSE listing in August. Shares, priced at $37 during the IPO, now trade at $53.54—a 44% gain. The stock rallied further after securing a BitLicense from New York regulators, a MOVE analysts deemed critical for expansion.